Rents dip near Caulfield

Median rents in the vicinity of Caulfield have fallen in recent months.

The decline in median rents has affected suburbs like Kew East, which are located near Caulfield. However, the trend has not impacted on every part of Melbourne. Rents have even nudged up in places, reflecting the variability of the property market.

Across Melbourne, median rents for houses are situated at the weekly price of $430, although apartments can be somewhat more affordable. The complexity of the overall picture is evidenced by significant increases in median rents in suburbs such as Melton South and Melton.

Dr. Nicola Powell, a property analyst, pointed out the importance of appreciating the direction of long-term trends. She said:

“Kew East, for example, is still up more than 10% compared with the year prior.”

Devon LaSalle of Tenants Victoria has explained that the demand for the most affordable properties remains high. LaSalle added that prospective tenants can see lots of other people when they attend inspections.

For LaSalle, the situation for many tenants has not changed a huge amount, because there is so much competition for the properties with the lowest rents. However, other experts have suggested that leasing older-type units is not as straightforward as it once was. This underlines how many factors are at work in determining current rents.

To highlight rising and falling rent prices, stationery printers can be useful for firms in the property sector.